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Raghuram Rajan

Senior Fellow

Raghuram Rajan is a senior fellow at the Hoover Institution and is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School.

Prior to that, he was the twenty-third governor of the Reserve Bank of India from 2013 to 2016, as well as the vice chairman of the board of the Bank for International Settlements from 2015 to 2016. He was the chief economist and director of research at the International Monetary Fund from 2003 to 2006. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. His latest book, The Third Pillar: How Markets and the State Leave the Community Behind, was released on February 2019 by Penguin Press. He coauthored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010. Rajan was the president of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty.

In January 2003, the American Finance Association awarded him the inaugural Fischer Black Prize for the best finance researcher under the age of forty. The other awards he has received include the global Indian of the year award from NASSCOM in 2011, the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, and Euromoney magazine’s Central Banker of the Year Award 2014.

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Recent Commentary

In the News

Raghuram Rajan In The Frame As UK Contemplates A Foreign Central Bank Boss

featuring Raghuram Rajanvia The Economic Times
Wednesday, June 12, 2019

Raghuram Rajan has delivered some uncomfortable economic truths in a career spanning the International Monetary Fund and powerful positions in his native India. The question is whether Brexit Britain is ready to hear them from another foreign Bank of England governor.


Raghuram Rajan: CEO Initiative 2019: A Conversation About Capitalism

interview with Raghuram Rajanvia Fortune
Tuesday, June 11, 2019

Hoover Institution fellow Raghuram Rajan argues that capitalism needs both top-down reforms and bottom-up policies to maintain trust in a market economy.

The Third Pillar: How Markets and the State Leave the Community Behind

by Raghuram Rajanvia Books by Hoover Fellows
Wednesday, June 5, 2019

Raghuram Rajan, distinguished University of Chicago professor, former IMF chief economist, head of India's central bank, and author of the 2010 FT-Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on our politics. In The Third Pillar he offers up a magnificent big-picture framework for understanding how these three forces--the state, markets, and our communities--interact, why things begin to break down, and how we can find our way back to a more secure and stable plane. 

In the News

Three Cheers For A Two-Eyed Economist

featuring Raghuram Rajanvia The Washington Times
Tuesday, June 4, 2019

Harry Truman famously remarked that he wished he could find a one-armed economist since all the ones he had to deal with were constantly weasel-wording their advice with “on the one hand” and “on the other hand.” As one who routinely had to read and try to squeeze meaning out of the verbiage of White House economic advisors as a speechwriter for presidents Nixon, Ford and Reagan, I know exactly how Truman felt.

In the News

Raghuram Rajan's Mission To Fix Capitalism From The Inside

featuring Raghuram Rajanvia Forbes
Monday, June 3, 2019

Raghuram Rajan has been tipped as a future Governor of the Bank of England but for now the economist is focused on bigger challenges - reshaping the relationship between capitalism, democracy and communities.


Raghuram Rajan: How The Loss Of Community Threatens Society

interview with Raghuram Rajanvia Big Brains Podcast
Monday, June 3, 2019

Hoover Institution fellow Raghuram Rajan discusses his new book, The Third Pillar, and explains why our communities could hold the answer to many of society’s problems.

In the News

'Don't Exacerbate The Problems': Raghuram Rajan's Advice To Modi 2.0 On Economy

featuring Raghuram Rajanvia Business Today
Wednesday, May 29, 2019

Listing out his views on economic agendas for the new government, former RBI governor Raghuram Rajan has said the new dispensation needs to address the fiscal gap and revive agriculture, power and banking sectors. In his latest blog post, which was co-written with Abhijeet Banerjee, Rajan said both the Centre as well state governments should target to reduce fiscal deficit to FRBM (Fiscal Responsibility and Budget Management Act)-suggested 5 per cent by 2023. For this, there is a need to create better compliance and progressive taxation, he said. He also suggested that a Centre-state council modelled on the successful GST Council could be formed to ensure fiscal federalism.

In the News

Raghuram Rajan Lists Out Top Priorities For Modi 2.0

featuring Raghuram Rajanvia Money Control
Monday, May 27, 2019

Former Reserve Bank of India (RBI) Governor Raghuram Rajan has flagged key issues that the new government needs to tackle immediately. Prime Minister Narendra Modi and his Council of Ministers will take oath on May 30.

In the News

Raghuram Rajan: Working On Thin Files

featuring Raghuram Rajanvia Euromoney
Thursday, May 9, 2019
There was a time, not so long ago, when Raghuram Rajan was branded a Luddite by Lawrence Summers. He laughs about it now. “As an academic or a thinker, if you’re not criticized, then you’re not really doing your job,” he says. “You’re providing anodyne commentary, which everyone can go along with and which upsets no one.”
Analysis and Commentary

Why Capitalism Needs Populism

by Raghuram Rajanvia Project Syndicate
Monday, May 6, 2019

Globalization, digital technologies, and other factors have allowed competitive US corporations to achieve market dominance. If the past is any guide, it is only right that these "superstar" firms should now be challenged by grassroots political movements protesting against an unholy alliance of private-sector and government elites.